Ardesta Ventures awarded funds from state

A new venture capital fund led by the co-founders of Ann Arbor-based Ardesta LLC has received an investment of up to $7.5 million from the state of Michigan.

Ardesta Ventures I will invest in companies in the Midwest that focus on nanotechnology, life sciences and alternative energy.

The Michigan Strategic Fund board approved the investment, which will be made through the 21st Century Investment Fund.

The firm was co-founded by Rick Snyder, Chris Rizik and Steven Johns. Snyder, former president and chief operating officer of Gateway Computers, is the chairman of the Ann Arbor SPARK board of directors.

The MSF board has approved 21st Century Investment Fund allocations totaling up to $62.5 million. The money is directed at venture capital, mezzanine and private equity funds.